Press type exercises are normally performed with the exerciser resting on a bench located beneath a pair of handles mounted on the ends of a U-shaped press frame. This frame is arranged to be pushed upwardly against the resistance of a weight stack, spring, fluid cylinder or other suitable load. Upward movement of the press frame has generally been accomplished in the past by mounting the frame on a vertically movable carriage which is guided on an upright track and urged downwardly by a load, or by pivotally mounting a rigid rearward extension of the frame to swing on a horizontal axis. In the latter case the load is normally applied to the frame extension such that the exerciser has a mechanical advantage by way of the fact that the swing axis of the press frame is closer to the load application point than to the handles. This arrangement has the disadvantage of requiring a greater load to provide a given exercise resistance than when the press frame moves vertically on a carriage. However, in the vertical carriage type of arrangement the press frame does not have any swinging movement as it is pushed upwardly; this is a disadvantage in performing press exercises in which the exerciser's arms should have swinging movement at the shoulders.